If you're having trouble managing credit card debt, you're not alone. The total amount of credit card debt among American consumers surpassed 1 trillion dollars last year, according to a study by WalletHub. Now that's a lot of debt.
American health care is often anything but cheap, which is why it is easy for medical bills to stack up. Especially after a number of costly procedures after an illness or injury, you may be swimming in debt, even if you have health insurance.
There are many things that could leave you facing considerable debt. Perhaps you suffered a major medical emergency which led to crushing medical bills. Maybe a loss of income through a divorce or unemployment caused your bills and debt to pile up. Or perhaps circumstances combined with a high credit card interest rate to leave you with a level of credit card debt that worries you greatly.
Like so many older Americans, you want to keep your home. However, your mounting medical debt seems to have other ideas. Healthcare is one of the most significant expenses in retirement, and for many seniors, it can get out of control.